# Draw Schedule

> Compare HUD 221(d)(4), bank, debt fund and tax-credit construction financing for apartments, size the loan and map the build timeline.

Draw Schedule is published by Janover Capital LLC. Contact: desk@janover.co.

A free, read-only MCP server for AI assistants is at https://multifamilyconstruction.loan/mcp (HUD vs bank vs debt fund construction loan rules, loan sizing, Census starts and pipeline, build times); setup on https://multifamilyconstruction.loan/developers/.

## Pages
- [How big a construction loan, from whom, and for how long](https://multifamilyconstruction.loan/): Compare apartment construction financing from HUD 221(d)(4), banks and debt funds, size the loan on your numbers, and plan the build with Census timelines.
- [About Draw Schedule](https://multifamilyconstruction.loan/about/): Who publishes Draw Schedule, where its construction finance rules and data come from, how it is kept current, and how to reach the team behind it.
- [Four ways to finance apartment construction](https://multifamilyconstruction.loan/compare/): HUD 221(d)(4), bank construction loans, debt funds and tax-credit deals side by side: leverage, rate, the rules behind each, and what each needs.
- [Send a multifamily construction project to the desk](https://multifamilyconstruction.loan/contact/): Send an apartment construction project to the commercial mortgage team at Janover Capital LLC for a first read on HUD, bank or fund debt.
- [Multifamily construction data for AI assistants: MCP server](https://multifamilyconstruction.loan/developers/): A free, read-only MCP server: HUD vs bank vs debt fund construction loan rules, loan sizing, Census apartment starts and build times, with sources.
- [Notes from Draw Schedule](https://multifamilyconstruction.loan/guides/): All notes from Draw Schedule, newest first. Multifamily construction loans compared, sized and scheduled.
- [Multifamily construction market: starts, pipeline, lending](https://multifamilyconstruction.loan/market/): Apartment starts, permits, units under construction and completions, plus the Fed's survey of bank construction lending standards. Updated data.
- [Privacy policy](https://multifamilyconstruction.loan/privacy/): What Draw Schedule collects when you visit or contact us, why, who it is shared with, and how to reach us about it.
- [Multifamily construction loan sizer: HUD vs bank vs fund](https://multifamilyconstruction.loan/sizer/): Size an apartment construction loan three ways: HUD 221(d)(4), a bank under the 80% LTV and HVCRE rules, and a debt fund, with equity and interest.
- [Terms of use](https://multifamilyconstruction.loan/terms/): The terms that apply when you use Draw Schedule, including what the information here is and is not.
- [How long apartment construction takes, by region](https://multifamilyconstruction.loan/timeline/): Average months from permit to start and from start to completion for apartment buildings, by U.S. region and year, from Census construction data.

## Notes
- [HVCRE and the 15% equity rule on bank construction loans](https://multifamilyconstruction.loan/guides/hvcre-construction-loans/): Bank construction loans that miss HVCRE's exemptions carry a 150% capital charge. The 80% LTV limit, the 15% as-completed equity test and the exemptions.
- [The LIHTC 25% bond test](https://multifamilyconstruction.loan/guides/lihtc-25-percent-bond-test/): Public Law 119-21 let 4% LIHTC buildings qualify with 25% bond financing instead of 50%, from 2026. Who qualifies and what it does to the capital stack.